according to the website - CryptoFrontNews

The digital asset platform Bullish has completed its initial public offering, making a significant step in the U.S. financial sector, raising $1.15 billion, fully paid in stablecoins. Among the digital assets used was Ripple USD (RLUSD) — a stablecoin developed by Ripple and issued on the XRP Ledger. Ripple confirmed that part of the deal was executed using RLUSD issued on XRPL.

This transaction marked the first public listing in the U.S. that used an on-chain settlement process involving stablecoins. In addition to being available on the XRP Ledger, RLUSD is also issued on the Ethereum blockchain. Ripple called this event a foundational moment for the integration of blockchain-based payment systems into traditional financial market processes.

The agreement coincided with the passage of the GENIUS Act, which establishes regulatory standards for dollar-pegged stablecoins. This law is expected to expand the use of stablecoins in everyday payments and institutional use cases. The role of RLUSD in the Bullish IPO aligns with these principles and demonstrates its broader application in public capital markets.

Launched globally in December 2024, Ripple's RLUSD is now listed on several exchanges, including Uphold, Bitso, MoonPay, Archax, and CoinMENA. Bullish added RLUSD to its platform soon after the launch, and it now accounts for 76% of its trading volume. The most active trading pairs are RLUSD/USDC (40.86%) and XRP/RLUSD (35.92%), along with a smaller share of SOL/RLUSD.

Recently, payment infrastructure provider Mesh integrated RLUSD into its platform. This allows merchants to accept RLUSD for payments, further strengthening the company's position in the retail market. The current market capitalization of RLUSD is $666 million, reflecting steady growth over the past eight months.


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